By Srinivas Chowdary Sunkara // petrobazaar // 19th Sep, 2017.
FUEL OIL PRICES
FUEL OIL PRICE MOVEMENTS
Fuel oil prices are on down trend around all major ports during the session. Fuel oil 180 cst has gone up by $4 during last week in Singapore port which followed the crude uptrend of around 5.1%. Crude prices are trading at five months high as IEA report buoyed the market sentiment with its increase in demand growth numbers. On the other hand, OPEC said that global market needs more oil in its monthly report gained momentum to the upper side of the crude price. Refinery utilisation rates are low in U.S after math of Hurricane Harvey which provoked product prices to go up. Europe is exporting shipments of gasoline to U.S which is creating demand for Brent. Another Hurricane in Caribbean and fall in rig count moved down crude prices yesterday.